Audioboom shares soared nearly 19 per cent on Tuesday as the podcast streamer posted record revenue and profit, and said it is set to “significantly outperform” expectations, especially with demand from the US election.
The London-listed company booked record third quarter revenue of $18.8m (£14.4m), up from $14m (£10.7m) in the same period last year.
It also posted record third quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) profit of $1m (£766,200), the fourth quarter of EBITDA profit in a row.
Audioboom’s advertising marketplace Showcase fuelled this increase, hitting its highest ever quarterly revenue of $7m (£5.4m), up 99 per cent on the same period last year.
Stuart Last, chief executive of Audioboom, said: “I am delighted with Audioboom’s performance in Q3 2024, headlined by strong revenue and adjusted EBITDA growth, and underpinned by a robust business model.
“With our seasonally strongest quarter ahead, we are set to significantly outperform market expectations for adjusted EBITDA.”
He added: “The final quarter is always an exciting time for the business, buoyed by strong advertising demand around sports seasons and the holidays.
“This year the US election will boost that demand further – our politics and news programming slates have seen their audiences grow by more than 34 per cent during the early part of presidential campaigning, and this growth has quickly translated to revenue opportunity.”